Domestic Public Debt in Low-Income Countries : Trends and Structure
This paper introduces a new data set on the stock and structure of domestic debt in 36 low-income countries over the period 1971-2011. It characterizes the recent trends regarding the do-mestic public debt of low-income countries and explores the r...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2014/02/18937088/domestic-public-debt-low-income-countries-trends-structure http://hdl.handle.net/10986/17320 |
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okr-10986-17320 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
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English en_US |
| topic |
ARREARS AVERAGE DEBT BALANCE OF PAYMENT BALANCE SHEETS BANK DEPOSITS BANK FINANCING BANK HOLDING BANK HOLDINGS BANK INVESTORS BANK LENDING BANK LIQUIDITY BANKING CRISIS BANKING INSTITUTIONS BANKING SYSTEM BENCHMARK YIELD BENCHMARK YIELD CURVE BOND BONDS BORROWING COST BORROWING COSTS BUDGET DEFICITS CAPITAL ADEQUACY CAPITAL FLOW CAPITAL FLOWS CAPITAL MARKETS CAPTIVE MARKETS CENTRAL BANK CENTRAL BANKS CENTRAL GOVERNMENT DEBT COLLATERAL COMMERCIAL BANK COMMERCIAL BANK LOANS COMMERCIAL BANKS CONTRACTUAL OBLIGATIONS CORPORATE BOND CREDIT CONSTRAINTS CREDIT FLOWS CREDIT RATIONING CREDIT RISK CREDITOR CREDITORS CURRENCY CURRENCY COMPOSITION CURRENCY CRISIS CURRENCY DEPRECIATION CURRENCY DEVALUATIONS CURRENCY MISMATCH CURRENCY MISMATCHES CURRENCY RISK DEBENTURES DEBT BURDEN DEBT BURDENS DEBT COMPOSITION DEBT CRISIS DEBT DATABASE DEBT INSTRUMENT DEBT LEVEL DEBT RELIEF DEBT RESTRUCTURING DEBT SECURITIES DEBT SERVICE DEBT STOCK DEBTOR DEFAULT RISKS DEFICIT FINANCING DEMAND-SIDE FACTORS DEPOSIT DERIVATIVES DEVELOPING COUNTRIES DOMESTIC BANKS DOMESTIC BORROWING DOMESTIC CURRENCY DOMESTIC DEBT DOMESTIC DEBT INSTRUMENTS DOMESTIC DEBT MARKET DOMESTIC DEBTS DOMESTIC FINANCIAL MARKETS ECONOMIC DEVELOPMENT EFFICIENT MARKET EMERGING MARKETS EXPENDITURES EXTERNAL BORROWING EXTERNAL DEBT EXTERNAL INDEBTEDNESS FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL INSTRUMENT FINANCIAL INSTRUMENTS FINANCIAL LIBERALIZATION FINANCIAL MANAGEMENT FINANCIAL STABILITY FINANCIAL SUPPORT FINANCIAL SYSTEM FISCAL DEFICIT FOREIGN CURRENCY FOREIGN DEBT FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE RESERVES FOREIGN FINANCING GLOBAL DEVELOPMENT FINANCE GOVERNMENT BORROWING GOVERNMENT DEBT GOVERNMENT DEBT MARKET GOVERNMENT DEBT MARKETS GOVERNMENT FINANCE GOVERNMENT FINANCING HOLDING IMPLICIT INTEREST INDIVIDUAL INVESTORS INFLATION INFLATION RATE INFLATION RISK INFLATIONARY PRESSURES INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INSURANCE COMPANIES INTEREST PAYMENT INTEREST PAYMENTS INTEREST RATE INTEREST RATE RISKS INTEREST RATES INTERNAL FINANCING INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL FINANCIAL INSTITUTIONS INVESTING INVESTMENT HORIZONS INVESTMENT PROJECTS INVESTOR BASE ISSUANCE LEGAL OWNERSHIP LENDERS LEVY LIQUID ASSETS LOCAL CURRENCY LOCAL FINANCIAL MARKETS LOCAL GOVERNMENT LOCAL MARKETS LONG TERM DEBT LONG-TERM DEBT LONG-TERM GOVERNMENT SECURITIES LONG-TERM INSTRUMENTS LONG-TERM INVESTMENT LONG-TERM LIABILITIES MACROECONOMIC ENVIRONMENT MACROECONOMIC INSTABILITY MACROECONOMIC MANAGEMENT MACROECONOMIC POLICIES MACROECONOMIC POLICY MACROECONOMIC STABILITY MARKET DEPTH MARKET DEVELOPMENT MARKET YIELD MARKETABLE DEBT MARKETABLE INSTRUMENTS MARKETABLE SECURITIES MATURITIES MATURITY MATURITY MISMATCH MATURITY STRUCTURE MONETARY AUTHORITY MONETARY POLICY MONEY SUPPLY MORAL HAZARD MORAL SUASION MUTUAL FUNDS NATIONAL SAVINGS NET DEBT OVERDRAFT FACILITIES PENSION PENSION FUNDS POLICY RESPONSES PORTFOLIO PORTFOLIO ALLOCATION PORTFOLIOS PRIVATE BORROWERS PRIVATE INVESTMENT PRIVATE LENDERS PRIVATE LENDING PUBLIC DEBT PUBLIC DEBT DATA PUBLIC DEBT INSTRUMENTS PUBLIC DEBT MANAGEMENT PUBLIC DEBT MARKETS PUBLIC FINANCES PUBLIC INVESTMENT PUBLIC SECTOR DEBT PUBLIC SPENDING REAL EXCHANGE RATE REAL INTEREST REAL INTEREST RATES REMITTANCES RETAIL INVESTORS RISK PROFILE RISK SHARING SECONDARY MARKETS SECURITY MARKET SHORT-TERM INSTRUMENTS SOLVENCY SOVEREIGN BONDS SOVEREIGN DEFAULTS SOVEREIGN GUARANTEE STOCK MARKETS STOCKS T-BILLS TRADING TREASURY TREASURY BILLS VALUATION WEALTH EFFECTS |
| spellingShingle |
ARREARS AVERAGE DEBT BALANCE OF PAYMENT BALANCE SHEETS BANK DEPOSITS BANK FINANCING BANK HOLDING BANK HOLDINGS BANK INVESTORS BANK LENDING BANK LIQUIDITY BANKING CRISIS BANKING INSTITUTIONS BANKING SYSTEM BENCHMARK YIELD BENCHMARK YIELD CURVE BOND BONDS BORROWING COST BORROWING COSTS BUDGET DEFICITS CAPITAL ADEQUACY CAPITAL FLOW CAPITAL FLOWS CAPITAL MARKETS CAPTIVE MARKETS CENTRAL BANK CENTRAL BANKS CENTRAL GOVERNMENT DEBT COLLATERAL COMMERCIAL BANK COMMERCIAL BANK LOANS COMMERCIAL BANKS CONTRACTUAL OBLIGATIONS CORPORATE BOND CREDIT CONSTRAINTS CREDIT FLOWS CREDIT RATIONING CREDIT RISK CREDITOR CREDITORS CURRENCY CURRENCY COMPOSITION CURRENCY CRISIS CURRENCY DEPRECIATION CURRENCY DEVALUATIONS CURRENCY MISMATCH CURRENCY MISMATCHES CURRENCY RISK DEBENTURES DEBT BURDEN DEBT BURDENS DEBT COMPOSITION DEBT CRISIS DEBT DATABASE DEBT INSTRUMENT DEBT LEVEL DEBT RELIEF DEBT RESTRUCTURING DEBT SECURITIES DEBT SERVICE DEBT STOCK DEBTOR DEFAULT RISKS DEFICIT FINANCING DEMAND-SIDE FACTORS DEPOSIT DERIVATIVES DEVELOPING COUNTRIES DOMESTIC BANKS DOMESTIC BORROWING DOMESTIC CURRENCY DOMESTIC DEBT DOMESTIC DEBT INSTRUMENTS DOMESTIC DEBT MARKET DOMESTIC DEBTS DOMESTIC FINANCIAL MARKETS ECONOMIC DEVELOPMENT EFFICIENT MARKET EMERGING MARKETS EXPENDITURES EXTERNAL BORROWING EXTERNAL DEBT EXTERNAL INDEBTEDNESS FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL INSTRUMENT FINANCIAL INSTRUMENTS FINANCIAL LIBERALIZATION FINANCIAL MANAGEMENT FINANCIAL STABILITY FINANCIAL SUPPORT FINANCIAL SYSTEM FISCAL DEFICIT FOREIGN CURRENCY FOREIGN DEBT FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE RESERVES FOREIGN FINANCING GLOBAL DEVELOPMENT FINANCE GOVERNMENT BORROWING GOVERNMENT DEBT GOVERNMENT DEBT MARKET GOVERNMENT DEBT MARKETS GOVERNMENT FINANCE GOVERNMENT FINANCING HOLDING IMPLICIT INTEREST INDIVIDUAL INVESTORS INFLATION INFLATION RATE INFLATION RISK INFLATIONARY PRESSURES INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INSURANCE COMPANIES INTEREST PAYMENT INTEREST PAYMENTS INTEREST RATE INTEREST RATE RISKS INTEREST RATES INTERNAL FINANCING INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL FINANCIAL INSTITUTIONS INVESTING INVESTMENT HORIZONS INVESTMENT PROJECTS INVESTOR BASE ISSUANCE LEGAL OWNERSHIP LENDERS LEVY LIQUID ASSETS LOCAL CURRENCY LOCAL FINANCIAL MARKETS LOCAL GOVERNMENT LOCAL MARKETS LONG TERM DEBT LONG-TERM DEBT LONG-TERM GOVERNMENT SECURITIES LONG-TERM INSTRUMENTS LONG-TERM INVESTMENT LONG-TERM LIABILITIES MACROECONOMIC ENVIRONMENT MACROECONOMIC INSTABILITY MACROECONOMIC MANAGEMENT MACROECONOMIC POLICIES MACROECONOMIC POLICY MACROECONOMIC STABILITY MARKET DEPTH MARKET DEVELOPMENT MARKET YIELD MARKETABLE DEBT MARKETABLE INSTRUMENTS MARKETABLE SECURITIES MATURITIES MATURITY MATURITY MISMATCH MATURITY STRUCTURE MONETARY AUTHORITY MONETARY POLICY MONEY SUPPLY MORAL HAZARD MORAL SUASION MUTUAL FUNDS NATIONAL SAVINGS NET DEBT OVERDRAFT FACILITIES PENSION PENSION FUNDS POLICY RESPONSES PORTFOLIO PORTFOLIO ALLOCATION PORTFOLIOS PRIVATE BORROWERS PRIVATE INVESTMENT PRIVATE LENDERS PRIVATE LENDING PUBLIC DEBT PUBLIC DEBT DATA PUBLIC DEBT INSTRUMENTS PUBLIC DEBT MANAGEMENT PUBLIC DEBT MARKETS PUBLIC FINANCES PUBLIC INVESTMENT PUBLIC SECTOR DEBT PUBLIC SPENDING REAL EXCHANGE RATE REAL INTEREST REAL INTEREST RATES REMITTANCES RETAIL INVESTORS RISK PROFILE RISK SHARING SECONDARY MARKETS SECURITY MARKET SHORT-TERM INSTRUMENTS SOLVENCY SOVEREIGN BONDS SOVEREIGN DEFAULTS SOVEREIGN GUARANTEE STOCK MARKETS STOCKS T-BILLS TRADING TREASURY TREASURY BILLS VALUATION WEALTH EFFECTS Bua, Giovanna Pradelli, Juan Presbitero, Andrea F. Domestic Public Debt in Low-Income Countries : Trends and Structure |
| relation |
Policy Research Working Paper;No. 6777 |
| description |
This paper introduces a new data set on
the stock and structure of domestic debt in 36 low-income
countries over the period 1971-2011. It characterizes the
recent trends regarding the do-mestic public debt of
low-income countries and explores the relevance of different
arguments put forward on the benefits and costs of
government borrowing in local public debt markets. The main
stylized fact emerging from the data is the increase in
domestic government debt since 1996. It is also observed
that poor countries have been able to increase the share of
long-term in-struments over time and that maturity
lengthening went together with a decrease in borrowing
costs. However, the concentration of the investor base,
mainly dominated by commercial banks and the central bank,
may crowd out lending to the private sector. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Bua, Giovanna Pradelli, Juan Presbitero, Andrea F. |
| author_facet |
Bua, Giovanna Pradelli, Juan Presbitero, Andrea F. |
| author_sort |
Bua, Giovanna |
| title |
Domestic Public Debt in Low-Income Countries : Trends and Structure |
| title_short |
Domestic Public Debt in Low-Income Countries : Trends and Structure |
| title_full |
Domestic Public Debt in Low-Income Countries : Trends and Structure |
| title_fullStr |
Domestic Public Debt in Low-Income Countries : Trends and Structure |
| title_full_unstemmed |
Domestic Public Debt in Low-Income Countries : Trends and Structure |
| title_sort |
domestic public debt in low-income countries : trends and structure |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2014/02/18937088/domestic-public-debt-low-income-countries-trends-structure http://hdl.handle.net/10986/17320 |
| _version_ |
1764436869649530880 |
| spelling |
okr-10986-173202021-04-23T14:03:37Z Domestic Public Debt in Low-Income Countries : Trends and Structure Bua, Giovanna Pradelli, Juan Presbitero, Andrea F. ARREARS AVERAGE DEBT BALANCE OF PAYMENT BALANCE SHEETS BANK DEPOSITS BANK FINANCING BANK HOLDING BANK HOLDINGS BANK INVESTORS BANK LENDING BANK LIQUIDITY BANKING CRISIS BANKING INSTITUTIONS BANKING SYSTEM BENCHMARK YIELD BENCHMARK YIELD CURVE BOND BONDS BORROWING COST BORROWING COSTS BUDGET DEFICITS CAPITAL ADEQUACY CAPITAL FLOW CAPITAL FLOWS CAPITAL MARKETS CAPTIVE MARKETS CENTRAL BANK CENTRAL BANKS CENTRAL GOVERNMENT DEBT COLLATERAL COMMERCIAL BANK COMMERCIAL BANK LOANS COMMERCIAL BANKS CONTRACTUAL OBLIGATIONS CORPORATE BOND CREDIT CONSTRAINTS CREDIT FLOWS CREDIT RATIONING CREDIT RISK CREDITOR CREDITORS CURRENCY CURRENCY COMPOSITION CURRENCY CRISIS CURRENCY DEPRECIATION CURRENCY DEVALUATIONS CURRENCY MISMATCH CURRENCY MISMATCHES CURRENCY RISK DEBENTURES DEBT BURDEN DEBT BURDENS DEBT COMPOSITION DEBT CRISIS DEBT DATABASE DEBT INSTRUMENT DEBT LEVEL DEBT RELIEF DEBT RESTRUCTURING DEBT SECURITIES DEBT SERVICE DEBT STOCK DEBTOR DEFAULT RISKS DEFICIT FINANCING DEMAND-SIDE FACTORS DEPOSIT DERIVATIVES DEVELOPING COUNTRIES DOMESTIC BANKS DOMESTIC BORROWING DOMESTIC CURRENCY DOMESTIC DEBT DOMESTIC DEBT INSTRUMENTS DOMESTIC DEBT MARKET DOMESTIC DEBTS DOMESTIC FINANCIAL MARKETS ECONOMIC DEVELOPMENT EFFICIENT MARKET EMERGING MARKETS EXPENDITURES EXTERNAL BORROWING EXTERNAL DEBT EXTERNAL INDEBTEDNESS FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL INSTRUMENT FINANCIAL INSTRUMENTS FINANCIAL LIBERALIZATION FINANCIAL MANAGEMENT FINANCIAL STABILITY FINANCIAL SUPPORT FINANCIAL SYSTEM FISCAL DEFICIT FOREIGN CURRENCY FOREIGN DEBT FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN EXCHANGE RESERVES FOREIGN FINANCING GLOBAL DEVELOPMENT FINANCE GOVERNMENT BORROWING GOVERNMENT DEBT GOVERNMENT DEBT MARKET GOVERNMENT DEBT MARKETS GOVERNMENT FINANCE GOVERNMENT FINANCING HOLDING IMPLICIT INTEREST INDIVIDUAL INVESTORS INFLATION INFLATION RATE INFLATION RISK INFLATIONARY PRESSURES INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INSURANCE COMPANIES INTEREST PAYMENT INTEREST PAYMENTS INTEREST RATE INTEREST RATE RISKS INTEREST RATES INTERNAL FINANCING INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL FINANCIAL INSTITUTIONS INVESTING INVESTMENT HORIZONS INVESTMENT PROJECTS INVESTOR BASE ISSUANCE LEGAL OWNERSHIP LENDERS LEVY LIQUID ASSETS LOCAL CURRENCY LOCAL FINANCIAL MARKETS LOCAL GOVERNMENT LOCAL MARKETS LONG TERM DEBT LONG-TERM DEBT LONG-TERM GOVERNMENT SECURITIES LONG-TERM INSTRUMENTS LONG-TERM INVESTMENT LONG-TERM LIABILITIES MACROECONOMIC ENVIRONMENT MACROECONOMIC INSTABILITY MACROECONOMIC MANAGEMENT MACROECONOMIC POLICIES MACROECONOMIC POLICY MACROECONOMIC STABILITY MARKET DEPTH MARKET DEVELOPMENT MARKET YIELD MARKETABLE DEBT MARKETABLE INSTRUMENTS MARKETABLE SECURITIES MATURITIES MATURITY MATURITY MISMATCH MATURITY STRUCTURE MONETARY AUTHORITY MONETARY POLICY MONEY SUPPLY MORAL HAZARD MORAL SUASION MUTUAL FUNDS NATIONAL SAVINGS NET DEBT OVERDRAFT FACILITIES PENSION PENSION FUNDS POLICY RESPONSES PORTFOLIO PORTFOLIO ALLOCATION PORTFOLIOS PRIVATE BORROWERS PRIVATE INVESTMENT PRIVATE LENDERS PRIVATE LENDING PUBLIC DEBT PUBLIC DEBT DATA PUBLIC DEBT INSTRUMENTS PUBLIC DEBT MANAGEMENT PUBLIC DEBT MARKETS PUBLIC FINANCES PUBLIC INVESTMENT PUBLIC SECTOR DEBT PUBLIC SPENDING REAL EXCHANGE RATE REAL INTEREST REAL INTEREST RATES REMITTANCES RETAIL INVESTORS RISK PROFILE RISK SHARING SECONDARY MARKETS SECURITY MARKET SHORT-TERM INSTRUMENTS SOLVENCY SOVEREIGN BONDS SOVEREIGN DEFAULTS SOVEREIGN GUARANTEE STOCK MARKETS STOCKS T-BILLS TRADING TREASURY TREASURY BILLS VALUATION WEALTH EFFECTS This paper introduces a new data set on the stock and structure of domestic debt in 36 low-income countries over the period 1971-2011. It characterizes the recent trends regarding the do-mestic public debt of low-income countries and explores the relevance of different arguments put forward on the benefits and costs of government borrowing in local public debt markets. The main stylized fact emerging from the data is the increase in domestic government debt since 1996. It is also observed that poor countries have been able to increase the share of long-term in-struments over time and that maturity lengthening went together with a decrease in borrowing costs. However, the concentration of the investor base, mainly dominated by commercial banks and the central bank, may crowd out lending to the private sector. 2014-03-18T20:58:56Z 2014-03-18T20:58:56Z 2014-02 http://documents.worldbank.org/curated/en/2014/02/18937088/domestic-public-debt-low-income-countries-trends-structure http://hdl.handle.net/10986/17320 English en_US Policy Research Working Paper;No. 6777 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research |